EUR/USD at fresh highs after EZ PMI reports

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 1, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The EUR/USD pair is attempting an extension of gains above 1.06 levels amid weak European stocks and on the back of an uptick in the German PMI manufacturing index and drop in German unemployment rate.

    Trades above hourly 100-MA

    The pair is trading well above its hourly 100-MA located at 1.0596 levels. The shared currency was sitting just above 1.06 handle ahead of the German and Eurozone PMI reports mainly on account of the slight weakness in the European equities.

    The gains were extended to a high of 1.0618 levels after the German PMI in November revised higher to 52.9. Eurozone PMI came in as expected at 52.8. The German unemployment rate dropped to a new multi-year low of 6.3%.

    Ahead in the day, the pair could be influenced by the US ISM manufacturing index and sentiment on the Wall Street.

    EUR/USD Technical Levels

    The immediate resistance is seen at 1.0629 (hourly 200-MA), above which the gains could be extended to 1.0689 (Nov 25 high). On the other side, a break below 1.0596 (hourly 100-MA) would expose 1.0558 (previous day’s low).
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